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theforexarmy

USDJPY profit target reached, prepare to turn bearish

Short
U.S. Dollar / Japanese Yen (FX:USDJPY)  
theforexarmy  
FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY usdjpyshort usdjpyidea usdjpydaily usdjpynews usdjpylong USD jpy usdjpyanalysis usdjpy1hr usdjpylongsetup usdjpysell usdjpybuy
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usdjpy usdjpyshort usdjpyidea usdjpydaily usdjpynews usdjpylong usd jpy usdjpyanalysis usdjpy1hr usdjpylongsetup usdjpysell usdjpybuy
Sell below 114.03. Stop loss at 114.43. Take profit at 113.05.
Reason for the trading strategy (technically):
Price has bounced up and reached our profit target perfectly. We prepare to turn bearish below 114.03 resistance (Fibonacci retracement, horizontal overlap resistance) for a push down to 113.05 support (Fibonacci retracement, horizontal support).
Stochastic (21,5,3) is seeing strong resistance below the 97% level.

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